Ryman Hospitality Properties Inc (RHP) 2026 Q1 法說會逐字稿

Welcome to the Ryman Hospitality Properties first-quarter 2026 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 Patrick Moore, Chief Executive Officer, Opry Entertainment Group. This call will be available for digital replay. Number is (800)723-06-07 with no conference ID required. (Operator Instructions)

歡迎收聽 Ryman Hospitality Properties 2026 年第一季財報電話會議。今天由 Ryman Hospitality Properties 出席主持本次電話會議的有：執行董事長 Colin Reed 先生；總裁兼執行長 Mark Fioravanti 先生；財務長 Jennifer Hutcheson 女士；營運長 Patrick Chaffin 先生；以及 Opry Entertainment Group 執行長 Patrick Moore 先生。本次電話會議將提供數位重播。重播電話為 (800)723-06-07，無需會議 ID。(接線員指示)

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

現在我很榮幸把時間交給 Jennifer Hutcheson 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.

各位早安。感謝各位今天加入我們。本次電話會議可能包含《1995 年私人證券訴訟改革法》所定義的前瞻性陳述，包括關於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陳述，均可能被視為前瞻性陳述。諸如「相信」或「預期」等用語旨在識別此類陳述；這些陳述可能受到多項因素影響，包括公司向 SEC 提交的文件以及今日新聞稿中所列因素。

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存在重大差異。無論因新資訊、未來事件或任何其他原因，我們均不會更新任何前瞻性陳述。我們今天也將討論非 GAAP 財務衡量指標。我們已在今日新聞稿的附表中，將每項非 GAAP 指標與最可比的 GAAP 指標進行調節。

I'll now turn the call over to Colin.

接下來我把電話交給 Colin。

Thanks, Jenn. Good morning, everyone, and thank you for joining us today. We delivered a strong start to the year with results that exceeded our expectations despite the complex geopolitical backdrop. Our first quarter performance reinforces what we've long believed about this company. The quality of our assets, the durability of our business model and the way we allocate capital delivers superior outcomes for our customers and attractive, sustainable returns for our shareholders.

謝謝你，Jenn。各位早安，感謝各位今天加入我們。儘管地緣政治背景複雜，我們仍以超出預期的表現，為今年帶來強勁開局。我們第一季的表現再次印證了我們長期以來對這家公司的信念。我們資產的品質、商業模式的韌性，以及資本配置方式，為客戶帶來更優成果，並為股東創造具吸引力且可持續的回報。

In our same-store hospitality business, we grew revenue and market share and expanded margin on slightly fewer room nights, a clear demonstration of pricing discipline, mix management towards higher-value customers and enhanced monetization of on-site demand.

在同店的飯店業務方面，我們在略少的可售房晚下仍提升營收與市占，並擴大利潤率；這清楚展現了我們的定價紀律、將組合管理導向更高價值客群，以及更有效地將場內需求變現。

Results were particularly strong for the assets that have recently benefited from the capital investments. Gaylord Opryland delivered record first quarter revenue and adjusted EBITDAre, Gaylord Rockies delivered record first quarter revenue, and Gaylord Palms delivered record revenue and adjusted EBITDAre of any quarter in its history.

近期受益於資本投資的資產表現尤其強勁。Gaylord Opryland 創下第一季營收與調整後 EBITDAre 的新高；Gaylord Rockies 創下第一季營收新高；Gaylord Palms 則創下其歷史上任一季度的最高營收與調整後 EBITDAre。

The JW Marriott Desert Ridge also delivered strong first quarter results, which given the seasonality of that market, is especially meaningful for the full year profitability. Though we've owned this hotel for less than a year, the benefits of our ownership are already evident. Our growth-focused yield strategy resulted in meaningfully higher group volumes, which supported strong outside of the room spending and margin outcomes.

JW Marriott Desert Ridge 第一季同樣交出強勁成績；考量該市場的季節性，這對全年獲利能力尤其重要。雖然我們持有這家飯店尚未滿一年，但我們成為業主所帶來的效益已相當明顯。我們以成長為導向的收益管理策略，使團體量顯著提升，進而支撐了強勁的非客房消費與利潤率表現。

Together, this property and the JW Hill Country, which is now undergoing the capital investment that we identified at the acquisition, create a tangible runway for growth over the medium term, and I couldn't be more excited about their role in our future.

這項資產與 JW Hill Country（目前正依我們在收購時所識別的項目進行資本投資）相結合，為中期成長提供了清晰可見的跑道；我對它們在我們未來中的角色感到無比振奮。

On the entertainment side, demand for live entertainment remains incredibly healthy. Our Ole Red brand continues to resonate in a meaningful way, particularly in markets like Nashville and Las Vegas and soon, we believe Indianapolis. Indianapolis has long been on our radar as a vibrant convention and leisure market with strong economic and demographic drivers and a deep base of country music fans.

在娛樂業務方面，現場娛樂的需求依然非常強勁。我們的 Ole Red 品牌持續以具實質意義的方式引發共鳴，尤其是在納許維爾與拉斯維加斯等市場；我們也相信很快會在印第安納波利斯看到同樣的成果。印第安納波利斯長期以來一直在我們的雷達上；它是充滿活力的會展與休閒市場，具備強勁的經濟與人口結構驅動因素，並擁有深厚的鄉村音樂粉絲基礎。

To that end, we were excited to announce just this week a development partnership with the organization behind the NBA Pacers and the WNBA Fever. This Ole Red development will contribute to the broader revitalization of the downtown corridor between the convention center and the Pacers arena.

因此，我們很高興在本週宣布，與 NBA 溜馬隊與 WNBA Fever 背後的組織建立開發合作夥伴關係。此 Ole Red 開發案將有助於推動會展中心與溜馬隊球館之間市中心走廊的整體活化。

This announcement marks our third development update this year, and our team remains active in evaluating both organic and inorganic growth opportunities toward expanding our platform and enhancing the value proposition for artists and consumers alike. Looking ahead, the future looks very bright for both of our businesses.

這項公告是我們今年第三次發布開發進度更新；我們的團隊仍積極評估有機與非有機的成長機會，以擴大平台規模，並同時提升對藝人與消費者的價值主張。展望未來，我們兩大業務的前景都非常光明。

Over the last two years, we've meaningfully improved the growth profile and pipeline for each while continuing to build customer satisfaction and loyalty through consistent execution and focused capital investment. We remain on track to achieve the 2027 financial targets we set in early 2024, and we look forward to updating you on our continued progress.

在過去兩年中，我們在持續透過穩健執行與聚焦的資本投資來提升客戶滿意度與忠誠度的同時，也顯著改善了兩項業務各自的成長輪廓與案源管線。我們仍按計畫朝著 2024 年初所設定的 2027 年財務目標邁進，並期待向各位更新我們持續取得的進展。

Before I hand over to Mark, let me go off script and say just a couple of things about our team. Our asset management team, led by Patrick Chaffin, I believe is the best in the industry. And our team at OEG, led by Patrick Moore, is firing on all cylinders. Mark, Jenn, and Scott and their teams are showing tremendous leadership and our company couldn't be in better hands. So Mark, what have you got to tell us?

在我把時間交給 Mark 之前，讓我先不照稿子說幾句關於我們團隊的話。我相信由 Patrick Chaffin 領導的資產管理團隊是業界最出色的。而由 Patrick Moore 領導的 OEG 團隊也火力全開、運轉順暢。Mark、Jenn、Scott 以及他們的團隊展現了卓越的領導力，我們公司交到他們手上再好不過。那麼 Mark，你要跟我們分享些什麼？

Thanks, Colin, and good morning, everyone. I'll provide more color on our operating performance and business momentum before discussing our updated outlook. From an expectation standpoint, we entered the quarter assuming relatively flattish revenue and some margin pressure in our same-store hospitality business, along with softer profitability trends in entertainment, due in part to mix-driven seasonality and a challenging year-over-year comparison. Entertainment performance finished in line with our expectations, while the hospitality business delivered meaningful outperformance.

謝謝你，Colin，各位早安。在討論我們更新後的展望之前，我會先補充更多關於營運表現與業務動能的細節。就預期而言，我們在進入本季時，假設同店飯店業務的營收大致持平且利潤率承壓，同時娛樂業務的獲利趨勢較弱，部分原因在於組合驅動的季節性以及艱難的年對年比較基期。娛樂業務表現符合我們的預期，而飯店業務則顯著優於預期。

Same-store ADR increased just over 5% year-over-year, more than offsetting lower group occupancy. As you'll recall, the timing of Easter last year resulted in unusually strong group demand in the first quarter, creating a challenging year-over-year comp.

同店 ADR（平均每日房價）年增略高於 5%，足以抵消團體住房率較低的影響。各位可能還記得，去年復活節的時間點使第一季團體需求異常強勁，造成今年年對年的比較基期較具挑戰。

High-quality corporate group demand proved far more resilient than lower contribution segments, resulting in higher ADR and higher levels of outside-the-room spending compared to both our expectations and last year. Banquet and AV revenue contribution per group room night increased more than 6% year-over-year with gains at nearly every property in the portfolio. Our leisure business, while a smaller contributor to the first quarter results, also surprised to the upside.

高品質的企業團體需求展現出遠高於低貢獻度客群的韌性，帶動 ADR 更高，且非客房消費水準也高於我們的預期與去年同期。每一個團體房晚的宴會與視聽（AV）營收貢獻年增超過 6%，投資組合中幾乎每一個物業都有所提升。我們的休閒業務雖然對第一季結果的貢獻較小，但同樣帶來優於預期的驚喜。

Both demand and rate increase compared to last year supported by seasonal spring break travel with particular strength at the JW Marriott Hill Country and Gaylord Rockies. Higher flow-through from growth in room rate and catering business together with ongoing efficiency initiatives drove adjusted EBITDAre margin expansion in the quarter.

在春假旅遊旺季的帶動下，需求與房價均較去年提升，其中以 JW Marriott Hill Country 與 Gaylord Rockies 的表現尤為突出。房價與餐飲宴會業務成長帶來更高的流量轉換（flow-through），再加上持續推動的效率提升措施，使本季調整後 EBITDAre 利潤率擴張。

Looking forward, leading indicators of group demand remain resilient. The elevated attrition and cancellation activity we experienced last year has largely normalized. Excluding January, which was impacted by Winter Storm Fern, attrition improved year-over-year and cancellations for the year were essentially flat.

展望未來，團體需求的領先指標仍具韌性。我們去年經歷的較高流失（attrition）與取消活動已大致回歸正常。排除受冬季風暴 Fern 影響的 1 月後，流失情況年對年改善，而全年取消量基本持平。

On the heels of record monthly production in December, group bookings activity continued at very strong levels in the first quarter. Gross group room nights booked in the first quarter for all periods increased nearly 27% year-over-year representing the strongest first quarter reduction since 2018. Reflecting our continued focus on premium corporate groups, corporate bookings comprised approximately two-thirds of production. Association bookings were also strong surpassing pre-COVID first quarter levels for the first time, setting aside pandemic-related rebooking activity.

在 12 月創下單月產量新高之後，第一季的團體訂房活動仍維持在非常強勁的水準。第一季針對所有期間所預訂的團體總房晚數年增近 27%，為 2018 年以來最強的第一季表現。反映我們持續聚焦高端企業團體，企業訂房約占產量的三分之二。協會型訂房同樣強勁；若不計疫情相關的改期訂房活動，協會訂房第一季水準也首次超越 COVID 前的第一季水準。

As a result, growth in same-store group rooms revenue on the books for all future periods compared to the same time last year, accelerated sequentially from 6.5% as of December 31 to 7.6% as of March 31. Across the portfolio, and most notably at Gaylord Opryland, we've invested in food and beverage offerings and carpeted meeting space to attract and serve the premium Corporate Group segment.

因此，與去年同期相比，所有未來期間已入帳的同店集團客房收入成長，從截至12月31日的6.5%按季加速至截至3月31日的7.6%。在整體投資組合中，尤其是在Gaylord Opryland，我們已投資於餐飲供應與鋪設地毯的會議空間，以吸引並服務高端企業團體客群。

In support of our capital deployment strategy, and the increase in corporate demand for our hotels, we've refined our inventory management approach to make more sellable inventory available through the entire 24-month corporate booking window.

為支持我們的資本配置策略，以及企業對我們飯店需求的增加，我們已精進庫存管理方法，在完整的24個月企業訂房窗口內提供更多可銷售的庫存。

Enhancing the corporate mix of our hotels drives higher room rates, outside the room spending and profitability. However, these changes in our inventory management approach create challenging year-over-year comparisons as we move into the prime corporate booking window for 2027 and 2028. For 2027, same-store group rooms revenue on the books is up over 3% compared to the same time last year and down 1% for 2028.

提升我們飯店的企業客群占比可帶動更高的房價、客房外消費與獲利能力。然而，隨著我們進入2027與2028年的企業訂房旺季窗口，這些庫存管理方法的變更將造成具挑戰性的年對年比較。就2027年而言，同店集團客房收入已入帳金額較去年同期增加逾3%，而2028年則較去年同期下降1%。

Importantly, ADR growth for both periods is pacing up mid-single digits and corporate meeting planner feedback and lead volumes are strong. Given this interest, we're confident that we are well positioned to achieve the booking goals required to enter 2027 and 2028 with our targeted 50 points of occupancy on the books and strong rate growth.

重要的是，兩個期間的ADR成長皆以中個位數的幅度領先，且企業會議策劃者的回饋與潛在客源量（lead volumes）表現強勁。基於此等興趣，我們有信心已具備良好條件達成訂房目標，並在進入2027與2028年時，達到我們目標的「已入帳入住率」50個百分點以及強勁的房價成長。

Now I'll turn to JW Marriott Desert Ridge, which also delivered a terrific first quarter. Prior to our ownership, the property prioritized higher-rated leisure demand during the peak first quarter period. Under our group-first sales and revenue management strategy, group mix increased by nearly 200 basis points and group demand grew more than 9% while maintaining ADR discipline.

接下來我談JW Marriott Desert Ridge，其第一季同樣交出非常出色的表現。在我們持有之前，該物業在第一季旺季期間優先承接房價較高的休閒需求。在我們以團體優先的銷售與收益管理策略下，團體占比提升近200個基點，團體需求成長超過9%，同時維持ADR紀律。

In fact, total ADR for the property increased nearly 8% year-over-year with growth across the group and leisure segments, and banquet and AV revenue up 25%. We expect these trends to build over the next several years as the property grows its share of the meetings market under our group strategy. Supporting this strategy, we completed the 5,000 square foot meeting space conversion in April which we believe will further enhance the hotel's ability to attract high-quality corporate groups.

事實上，該物業的整體ADR年對年提升近8%，團體與休閒兩大客群皆有成長，宴會與視聽（AV）收入成長25%。我們預期，隨著該物業在我們的團體策略下提升其會議市場份額，這些趨勢將在未來數年持續累積。為支持此策略，我們已於4月完成5,000平方英尺的會議空間改造，我們相信這將進一步提升飯店吸引高品質企業團體的能力。

Turning to Entertainment, First quarter results declined year-over-year due to a challenging comparison, seasonality associated with our new business line, and the impact of Winter Storm Fern. Overall, business performance was in line with our expectations, and we continue to be encouraged by the underlying trends. Both Ole Red and Category 10 exceeded our expectations with particular strength in Nashville and Las Vegas in the back half of the quarter. March represented a new high watermark for Ole Red Las Vegas with the venue generating the highest monthly revenue and adjusted EBITDAre in its operating history.

轉到娛樂業務，第一季結果因年對年比較基期具挑戰、新業務線帶來的季節性因素，以及冬季風暴Fern的影響而下滑。整體而言，業務表現符合我們的預期，我們也持續對基本面趨勢感到鼓舞。Ole Red與Category 10皆優於我們預期，尤其在本季後半段，納許維爾與拉斯維加斯表現特別強勁。3月創下Ole Red Las Vegas的新里程碑，該場館締造其營運史上最高的單月營收與調整後EBITDAre。

Finally, I want to spend a few minutes on our outlook. As we noted in the press release, we are raising the midpoints of our guidance ranges to reflect the first quarter Hospitality outperformance. Our outlook for the rest of the year is essentially unchanged from our prior expectations, reflecting measured confidence in our business. We continue to feel good about the areas of the business within our control, sales production, pricing discipline, margin initiatives and execution of the capital projects we have underway.

最後，我想花幾分鐘談談我們的展望。如我們在新聞稿中所述，我們上調指引區間的中位數，以反映第一季旅宿業務的優於預期表現。我們對今年其餘期間的展望基本上與先前預期一致，反映我們對業務的審慎信心。對於我們可控的業務面向——銷售產出、定價紀律、利潤率改善措施，以及正在進行的資本專案執行——我們仍持續感到樂觀。

And so far, meeting planner sentiment and the leisure guest willingness to visit our properties has remained resilient. What gets us to the high end of the range is continued strong near-term group business trends including normalized levels of attrition and cancellations, healthy in the year for the year for the year production and strong on-property spending as well as continued momentum in leisure. The low end of the range assumes some hesitation in near-term meeting planner decision-making, a potential pullback in 2026 meeting budgets, and softer leisure demand, potentially in response to higher gas prices.

截至目前，會議策劃者的情緒以及休閒旅客造訪我們物業的意願仍具韌性。推動我們達到區間上緣的因素，是近期團體業務趨勢持續強勁，包括流失率（attrition）與取消率回歸常態、當年訂房產出健康、館內消費強勁，以及休閒動能延續。區間下緣則假設近期會議策劃者決策出現些許遲疑、2026年會議預算可能縮減，以及休閒需求轉弱（可能因油價上漲所致）。

At the midpoint for the rest of the year, we continue to assume mid-single-digit growth in group rooms revenue and flattish year-over-year leisure performance. Let me make a few comments on seasonality for the same-store hospitality business, we continue to expect the third quarter to show the strongest revenue and margin growth for the year, reflecting strong corporate group mix on the books and easier year-over-year comparisons, followed by the second quarter. We expect same-store RevPAR growth to accelerate as the year progresses, especially as the Gaylord Texan room renovation is completed in August.

以今年其餘期間的中位數假設而言，我們仍假設團體客房收入為中個位數成長，而休閒表現年對年大致持平。我補充幾點同店旅宿業務的季節性：我們仍預期第三季將呈現全年最強的營收與利潤率成長，反映已入帳的企業團體占比強勁以及較容易的年對年比較，其次為第二季。我們預期同店RevPAR成長將隨著年度推進而加速，特別是在8月完成Gaylord Texan客房翻新之後。

For JW Marriott Desert Ridge, we expect the second quarter to contribute slightly more than 25% of full year adjusted EBITDAre. And for the entertainment business, we continue to expect the second and fourth quarters to be the largest contributors to full year adjusted EBITDAre. Looking beyond 2026, we remain confident in the '27 adjusted EBITDA targets we outlined at our last Investor Day. Our forward book of business, the addition of the JW Marriott Desert Ridge, and the capital investments underway across the portfolio position us well to deliver those objectives.

就JW Marriott Desert Ridge而言，我們預期第二季對全年調整後EBITDAre的貢獻將略高於25%。至於娛樂業務，我們仍預期第二季與第四季將是全年調整後EBITDAre的最大貢獻季度。展望2026年之後，我們仍對上次投資人日所提出的2027年調整後EBITDA目標充滿信心。我們的前瞻訂房量（forward book of business）、新增的JW Marriott Desert Ridge，以及全投資組合正在進行的資本投資，使我們具備良好條件以達成這些目標。

And with that, I'll turn it over to Jennifer to walk you through the balance sheet and capital allocation.

接下來，我把時間交給Jennifer，請她帶大家了解資產負債表與資本配置。

Thanks, Mark. We ended the first quarter with $424 million of unrestricted cash on hand. In addition, we held $27 million of restricted cash available for FF&E and other maintenance projects. Both our corporate and OEG revolving credit facilities were undrawn resulting in total available liquidity of approximately $1.35 billion. 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 contribution of adjusted EBITDAre from JW Marriott Desert Ridge was 4.3x.

謝謝，Mark。我們在第一季末持有4.24億美元的非受限現金。此外，我們持有2,700萬美元的受限現金，可用於FF&E及其他維護專案。我們的公司層級與OEG循環信用額度皆未動用，使可用流動性合計約13.5億美元。截至季末，以合併淨負債對調整後EBITDAre計算的備考淨槓桿比率（假設JW Marriott Desert Ridge的調整後EBITDAre貢獻為全年）為4.3倍。

In March, we completed an opportunistic refinancing, issuing $700 million of senior unsecured notes due 2034. And together with cash on hand, redeeming in full the prior 2027 notes. The transaction was well received and priced through our expectations, extending our weighted average maturity and eliminating near-term refinancing risk through the first half of 2028.

3月，我們完成一項機會型再融資，發行7億美元、2034年到期的無擔保優先票據。並結合手頭現金，全數贖回先前於2027年到期的票據。本次交易反應良好，定價優於我們預期，延長了加權平均到期年限，並消除至2028年上半年之前的短期再融資風險。

With respect to capital expenditures, our full-year outlook is unchanged, and we continue to expect total capital spending for the year in the range of $350 million to $450 million. In April, we completed the Foundry Fieldhouse sports bar development at Opryland. And as Mark mentioned, the meeting space conversion at JW Marriott Desert Ridge.

就資本支出而言，我們對全年的展望維持不變，並仍預期全年總資本支出介於3.5億至4.5億美元。4月，我們完成Opryland的Foundry Fieldhouse運動酒吧開發案。以及如Mark所提到的，JW Marriott Desert Ridge的會議空間改造。

Also in April, we kicked off the JW Marriott Hill Country rooms renovation which is expected to run through the first quarter of 2027. The Gaylord Opryland meeting space expansion, the Gaylord Texan renovation, and Category 10 Las Vegas development remain underway. All major projects remain on time and on budget.

同樣在4月，我們啟動JW Marriott Hill Country的客房翻新，預計將持續至2027年第一季。Gaylord Opryland會議空間擴建、Gaylord Texan翻新，以及Category 10 Las Vegas開發案仍在進行中。所有主要專案皆按期且在預算內。

Finally, regarding our dividend, it remains our intention to distribute 100% of our REIT taxable income through dividends over time. With that, let's open it up for questions.

最後，關於股利，我們仍計畫隨時間推進，透過股利分配我們REIT應課稅所得的100%。接下來我們開放提問。

(Operator Instructions)

（接線員指示）

Patrick Scholes, Truist.

Patrick Scholes，Truist。

Question for you on your Dallas property in the World Cup. It looks like it's about a half an hour away. Are you expecting to get much business from the World Cup on that? And if so, has it been trending? There's a lot of media about FIFA cancellations. Did you have any of those FIFA bookings? And any color in that regard.

想請教你們達拉斯物業在世界盃方面的問題。看起來大約距離半小時車程。你們預期會從世界盃帶來多少業務？如果會的話，近期趨勢如何？媒體上有很多關於FIFA取消的報導。你們是否有任何FIFA的訂房？也請就此提供一些說明。

The World Cup is going to be marginally impactful to our Dallas property. We already had a substantial level of group room nights on the books, and we're in a really strong position, but it will help us on transient rate. So we will see a little bit of lift there. Overall, World Cup, I think, has been a mixed bag in certain markets, but Dallas is seeing a positive impact, and we should see some on ADR as well.

世界盃對我們達拉斯物業的影響將是小幅的。我們原本就已經有相當可觀的團體訂房間夜在帳上，而且我們的處境非常有利，但它會在散客房價上幫到我們。因此我們會看到一些小幅拉升。整體而言，我認為世界盃在某些市場的表現是喜憂參半，但達拉斯正看到正面影響，我們也應該會在ADR（平均每日房價）上看到一些提升。

The fan base though in Dallas, Patrick, is going to be pretty aggressive with the England team being playing in Dallas.

不過，Patrick，達拉斯的球迷族群會相當熱情，因為英格蘭隊將在達拉斯出賽。

Duly noted.

了解。

[Dan Politzer], J.P. Morgan.

[Dan Politzer]，摩根大通。

I just wanted to go back in terms of how you're thinking about the guidance, right? It sounds like there's a little bit of not caution, but maybe conservatism is a better word in terms of how you're thinking about the leisure trends. And I know you mentioned fuel prices. Have you seen anything yet? Or what are you kind of baking in there in terms of how you're kind of thinking about the puts and takes specifically on -- as you enter 3Q with leisure travel kind of having a bigger part of the mix?

我想回到你們如何看待財測指引這件事，好嗎？聽起來你們在休閒需求趨勢的看法上，與其說是謹慎，不如說是比較保守。我知道你提到燃油價格。你們目前有看到任何跡象嗎？或者說，當你們進入第三季、而休閒旅遊在組合中占比更高時，你們在評估利多利空（puts and takes）時，具體是把哪些因素納入假設？

There's no points of caution that are embedded in our full year guidance. Our outlook for the remainder of the year, Dan, is unchanged from what we had at the beginning of the year. We're raising our full year guidance in recognition of the strong trends we had in the first quarter. And as we noted throughout the prepared remarks, all the leading indicators are continuing to remain very resilient. You saw attrition, for example, improved year-over-year when you look at the February and March trends.

我們的全年指引中並沒有內含任何需要特別警惕的因素。Dan，我們對今年剩餘期間的展望，與年初時的看法一致。我們上調全年指引，是為了反映第一季的強勁趨勢。而且如同我們在事先準備的發言中所提到的，所有領先指標仍持續展現高度韌性。例如，你看流失（attrition），從二月與三月的趨勢來看，年對年是改善的。

You see bookings continue to trend upwards on the group side meaningfully. And outside the room spending is good. Leisure performance from spring break was exceeding our expectations. So there are a lot of good reasons for optimism. And I think our approach to full year guidance at this point is measured confidence.

你也看到團體端的預訂持續明顯走升。而客房以外的消費表現也不錯。春假期間的休閒表現超出我們預期。所以有很多理由可以保持樂觀。我認為我們目前對全年指引的態度，是「審慎而有信心」。

Having said all of that though, I'm sure Dan, you probably read the two of the four dissenting Fed governors this morning put out statements saying that we live in extremely volatile times. There could be rate hikes going into the future, simply because what is going on in Iran with oil prices could affect unemployment, could affect inflation.

不過話說回來，Dan，我相信你今天早上可能也看到，聯準會四位理事中有兩位持不同意見者發表聲明，表示我們正處於極度波動的時期。未來可能還會升息，因為伊朗局勢導致的油價變動可能影響失業率，也可能影響通膨。

And so here we sit, we've got a wonderful business on our hands, firing on all cylinders, but there are some storm clouds in the horizon that we have to be cognizant of that. So there is a degree of caution in this. But as Jenn said, our businesses are performing admirably.

因此我們現在的情況是：手上有一門很棒的生意、各方面都運轉得很順，但地平線上仍有一些烏雲，我們必須留意。所以這裡面確實帶有一定程度的謹慎。但如Jenn所說，我們的業務表現非常出色。

Smedes Rose, Citi.

Smedes Rose，花旗。

Mark, you alluded to this in your opening remarks, but I did want to ask a little bit about the cancellation and attrition rates that you saw during the quarter that it did look elevated, at least what you've reported over the past several quarters. And are you saying it was really all due to that terrible storm in January? Or just kind of wondering if you could unpack that a little bit of what you guys are seeing.

Mark，你在開場談話中提到過這點，但我想再問一下本季你們看到的取消與流失率；看起來偏高，至少相較於你們過去幾季所揭露的數字。你們是說這真的完全是因為一月那場嚴重風暴嗎？或是想請你再多拆解一下，你們實際看到的狀況是什麼。

Yes. I mean essentially, if you look at the first quarter by month and you back out what occurred in January during the winter storm Fern, attrition was actually lower for the remaining few months year-over-year. And cancellations, we said in the script was essentially flat. I think it was about 200 room night difference. So it was essentially flat.

是的。基本上，如果你按月份看第一季，並把一月冬季風暴Fern期間發生的影響扣除，剩下幾個月的流失其實是年對年下降的。至於取消，我們在講稿裡說過，基本上是持平。我記得差異大概是200個間夜。所以基本上是持平。

So the trends we're seeing with the trends we've seen thus far in April would continue to support that.

因此，我們目前看到的趨勢，以及截至四月目前為止的趨勢，也都持續支持這個判斷。

Ari Klein, BMO Capital Markets.

Ari Klein，BMO資本市場。

On the future group pace in '27 and '28, you mentioned some of the inventory management changes that are maybe having impact on comps. Hoping you could just provide a little bit more color there how maybe we should expect things to trend from here?

關於2027年與2028年的未來團體訂房節奏（group pace），你提到一些庫存管理的調整可能正在影響比較基期。希望你能再多提供一些背景，讓我們理解接下來趨勢可能會如何發展？

Sure. I'll start and then others can jump in. What you're seeing in those '27 and '28 numbers is really kind of the manifestation of the strategy that we've implemented over the last really the last couple of years as it relates to refining our group strategy to maximize the performance of the hotel and what that really is doing is making inventory available for premium corporate groups. If you think about what we've talked about really starting several years ago with we undertook primary research to really understand what those customer needs were for those premium corporate groups.

當然。我先說，其他人也可以補充。你在2027年與2028年那些數字中看到的，其實是我們過去幾年、尤其是最近兩年所推行策略的具體呈現：我們在精煉團體策略，以最大化飯店表現；而這項策略真正做的事情，是釋出庫存給高端企業團體。如果你回想我們幾年前開始談到的內容：我們進行了主要研究（primary research），以真正了解這些高端企業團體客戶的需求。

We're now in the process of deploying capital into the various hotels to provide the food and beverage and meeting space as I called out in the script Opryland in particular, and we're now modifying pricing and inventory management and what we're doing there is making sure that we have the right rate states and space available when that premium business is ready to transact, which, as you know, the corporate window is significantly shorter than the association and SMERF, it's about 2 to 2.5 years.

我們目前正在把資本投入到各家飯店，用於提升餐飲與會議空間；如同我在講稿中特別點名的Opryland。

And so as we've looked at how we manage that inventory, we've held more inventory available, and that's what you see reflected in those year-over-year growth numbers. And then the last piece of this is that we worked with Marriott to modify our sales incentives to ensure that the sales teams are focused on the right segments that we're trying to sell to and that they have the appropriate short- and long-term goals to ensure that we hit these crossover these crossover goals that we have for future years. And so what you're seeing in those numbers is really the culmination of the strategy to push more corporate business higher-end corporate business into our hotels.

因此，當我們檢視如何管理這些庫存時，我們保留了更多可用庫存，而這正反映在那些年對年成長數字上。最後一點是，我們與萬豪合作調整銷售激勵，確保銷售團隊聚焦在我們希望銷售的正確客群區隔，並且具備適當的短期與長期目標，以確保我們能達成未來年度的這些交叉目標（crossover goals）。所以你在那些數字中看到的，基本上就是把更多企業業務、尤其是更高端的企業業務導入我們飯店的策略成果。

And in terms of how we get from where we are today to that 50 points and what gives us confidence we can get there, it's really around a number of different points, I would say. One is that we have the best physical product that we've ever had to serve the corporate customer as it relates to our portfolio, and it's getting better each and every year. Current corporate demand trends are very positive. Leads are -- our corporate leads are the highest they've ever been. They're about 27% above where we were in 2019.

至於我們如何從目前的位置走到那個50個基點（50 points），以及我們為何有信心能達成，我會說主要有幾個因素。第一，我們的資產組合在服務企業客戶方面，已擁有史上最佳的實體產品，而且每一年都在持續改善。目前企業需求趨勢非常正面。線索（leads）——我們的企業線索量是歷史新高。相較2019年大約高出27%。

Pattern availability is good. As I said, we've been holding inventory. And when we look at the data, the shift is already happening. If you look at rest of the year '26, we're up about 3 points in terms of corporate mix. For '27, we're up right now about 3 points year-over-year. And in '28, we're up about 6 points. So we feel like we're in really good shape, and we have the pieces in place to execute this strategy.

可用房型組合（pattern availability）也不錯。如我所說，我們一直在保留庫存。而從數據來看，轉變已經在發生。如果看2026年剩餘期間，我們的企業占比大約提升了3個點。2027年目前年對年也提升約3個點。2028年則提升約6個點。所以我們覺得狀況非常好，而且執行這項策略所需的要素都已到位。

Rich Hightower, Barclays.

Rich Hightower，巴克萊。

I guess maybe just a follow-up on the corporate booking question. Obviously, trends have been very, very strong. And I'm wondering if that is surprising at all in the context of some of the macro headwinds that have already been referred to. And the jobs market is choppy. We're reading about layoffs in different pockets of the economy. So does that surprise you? Or is it sort of a fundamentally different composition of the customer base that would be staying in your properties?

我想就企業預訂的問題追問一下。顯然趨勢一直非常、非常強勁。我想知道，在先前提到的一些總體逆風背景下，這是否讓你感到意外？就業市場起伏不定。我們也看到報導說經濟的某些領域出現裁員。所以這會讓你意外嗎？還是說，入住你們物業的客群組成其實在根本上已經不同了？

Rich, this is Colin. Let me kick this off a little bit. What you're saying about the jobs market. There's a question about how much of the jobs market is being affected by the tremendous amount of capital that's flowing into artificial intelligence. But when you look at the underlying strength of what is going on in corporate America today, when you look at where the markets are trading, this morning, the S&P, again, is at all-time highs. And the reason for this is corporate profits are in really good shape. Look at what's going on in the banking industry, you look at what's going on in our industry, it's in really good shape.

Rich，我是 Colin。我先簡單開個頭。關於你提到的就業市場。有個問題是，就業市場有多少正受到大量資本流入人工智慧的影響。但當你看今天美國企業界正在發生的事情之基本面強度、再看市場目前的交易水準，今天早上標普 500 再次來到歷史新高。原因在於企業獲利的狀況非常好。看看銀行業的情況、再看看我們這個產業的情況，整體都非常健康。

And so the strategy that Mark just talked about in answer to Ari's question, when Patrick came and sat down with Mark and me some months ago and talked about becoming a little bit more aggressive on cutting these blocks out in '28. It made a hell of a lot of sense to us simply because of the underlying strength of what we're seeing in volumes, having more inventory to book into in these periods ahead of us at higher-rated business makes a ton of sense -- and so I think our economy -- we've got this unfortunate noise of what is going on in the Middle East. But putting that aside, our economy is in pretty good shape. And we're betting that for the rest of this year and next year, it's going to remain that way.

因此，Mark 剛才在回答 Ari 的問題時談到的策略——幾個月前 Patrick 來和 Mark 以及我坐下來，談到在 2028 年把這些區塊切出來時要更積極一些。這對我們來說非常合理，純粹是因為我們看到的量能所呈現的基本面強度；在未來這些期間能有更多庫存可供預訂、而且以更高房價的業務來填補，確實很有意義——所以我認為我們的經濟——當然有一些不幸的雜音，來自中東正在發生的事情。但先把那個放一邊，我們的經濟狀況其實相當不錯。而我們押注今年剩下的時間以及明年，情況都會維持如此。

Yes. And this is Patrick. Mark and Colin have both done a great job of outlining how we feel about the bookings and the trends we see there. And I would just add to this. But if you just look at on-property actualization of groups, we saw some hesitation back in Q3 and even into October and November.

是的。我是 Patrick。Mark 和 Colin 都已經很清楚地說明了我們對預訂與相關趨勢的看法。我只想再補充一點。如果你看飯店現場（on-property）團體實際落地執行的情況，我們在第三季、甚至到 10 月與 11 月時，確實看到一些猶豫。

But as we entered December, we started to see that hesitation to spend abate. And that has continued as we moved through the first quarter. I would tell you that as we went into the first quarter, we were hesitant, but meeting planners have shown up in a major way and spent very well on property, and that seems to be continuing. So we are growing in our confidence that the groups that are traveling to our hotels are in a mindset of feeling comfortable enough to proceed with their programs at the levels that they originally anticipated.

但進入 12 月後，我們開始看到那種對支出的猶豫正在消退。而且這個趨勢在第一季一路延續。我可以告訴你，進入第一季時我們本來還有些保守，但會議策劃者（meeting planners）以非常顯著的方式回來了，並且在飯店現場的消費表現非常好，而且看起來仍在持續。因此，我們對於前來我們飯店的團體客，是否已經在心態上足夠安心、能以他們原先預期的水準推進其活動方案，信心正在提升。

Cooper Clark, Wells Fargo.

Cooper Clark，富國銀行。

On OEG, it seems like every quarter now, we're talking about a new development or operating contract for the business. I'm just curious how you're thinking about EBITDA growth of that business over the next couple of years? And when you'll consider making some of the additions to management structure that you discussed as being prerequisites for a potential spin?

關於 OEG，似乎現在每一季我們都在談這個業務的新開發案或新的營運合約。我想請教你們如何看待未來幾年該業務的 EBITDA 成長？以及你們何時會考慮增補你們提到的管理架構（那些被視為潛在分拆的先決條件之一）？

Sure. So in terms of growth, we have perhaps the most robust pipeline of confirmed growth that we've ever had as a business. And we've continued to make some additions from an organizational standpoint in terms of talent and capabilities, including a new COO and a new CMO in the last sort of 18 months. And we've added some great expertise in festivals and amphitheaters and for the artist partnerships, we've added some strength and talent and capability there as well.

當然。就成長而言，我們擁有可能是公司史上最強健、且已確認的成長管線。而且在組織面的人才與能力上，我們也持續增補，包括在過去大約 18 個月內新增了一位 COO 與一位 CMO。此外，我們也在音樂節與露天劇場（amphitheaters）方面引進了很棒的專業；在藝人合作夥伴關係上，我們也補強了相關的實力、人才與能力。

We'll continue to look at expansion in capacity and capability from an organizational standpoint. And we're also working in terms of technology and adding to our tech stack overall for the entertainment business. So really excited about what the future holds over the next two or three years.

我們會持續從組織角度檢視並擴充產能與能力。同時，在科技方面我們也在推進，並持續為娛樂業務整體增加我們的技術堆疊（tech stack）。所以對未來兩到三年的發展非常期待。

And we put dedicated design and construction folks within the business to deal with this volume of growth. It's exciting stuff.

而且我們也在業務內部配置了專職的設計與施工人員，以因應這樣的成長量。這些都很令人振奮。

David Katz, Jefferies.

David Katz，Jefferies。

Thanks for taking my question and all the information so far. I wanted to just talk about Marriott Desert Ridge. I know you talked about it a little bit. But I noticed in the guide you're sort of pushing those numbers just slightly higher for this year. Does that change your long-term underwriting view on it? Is that how we should take this. And I know there have been some discussion about some capital going in there, an update and some perspective there would help. Thank you.

謝謝讓我提問，也謝謝目前為止提供的所有資訊。我想談一下 Marriott Desert Ridge。我知道你們稍早有提到一些。但我注意到在指引（guide）中，你們把今年的數字稍微往上調了一點。這是否改變了你們對它的長期承作/評估（underwriting）觀點？我們應該這樣解讀嗎？另外我也知道外界有一些討論，提到可能會投入一些資本在那裡；如果能提供更新與一些看法會很有幫助。謝謝。

No. I think we were very pleased with the outperformance from Desert Ridge in the first quarter. We outlined our group forward strategy relative to the prior more leisure-focused strategy. We talked about the fact that spring break there outperformed our expectations, and we're happy to be able to flow that through. I think our expectation for the remainder of the year for Desert Ridge again compared to what we thought when we said our initial guidance is a little unchanged. It's a little bit of flowing through what we saw in terms of good performance during the first quarter.

不會。我想我們對 Desert Ridge 在第一季的超預期表現非常滿意。我們也說明了相較於先前更偏休閒導向的策略，我們現在的團體前瞻策略。我們提到那裡的春假表現超出我們預期，我們也很高興能把這些成果反映進去。我認為，對於今年剩餘期間 Desert Ridge 的預期——相較於我們提出初始指引時的看法——基本上沒有太大改變。這主要是把第一季看到的良好表現做一些延續性的反映。

That's nothing to sneeze at, that first quarter is over 40% of the annual contribution for that property, annual profitability. I would also say we acquired this property three quarters ago now, we had talked about being able to buy down that multiple what our expectations at that point were for our first full year of ownership. And we're right on track, I think, with those financial expectations in terms of the longer-term outlook, I know as a management team, continue to be very confident about that. And Patrick, you may want to weigh more on that.

那可不是小事，第一季對該物業的全年貢獻、也就是全年獲利，占比超過 40%。我也想補充，我們是在三個季度前收購這個物業；當時我們談到，依照我們對第一個完整持有年度的預期，我們有能力把那個倍數（multiple）往下買（buy down）。而就長期展望而言，我認為我們在財務預期上完全按計畫推進；以管理團隊的角度，我們對此仍然非常有信心。Patrick，你也許可以再補充一些。

Yes. I mean we're in our first year owning and operating this hotel. And we are developing and further refining what we want to do from a capital perspective. We don't see a massive need for capital. This hotel was in great shape.

好的。我們目前是擁有並營運這家飯店的第一年。我們正在制定並進一步精煉我們在資本投入面想要做的事情。我們不認為有大量資本支出的迫切需求。這家飯店本身狀況非常好。

And so it's just about continuing to tweak and meet the needs of the meeting planner. We talked about we've converted some space into usable meeting space, and that's been received very, very well already. So we'll continue to tweak and refine what we're going to do there long term, but it's not going to be a massive strain or suck on our capital needs.

因此，重點只是持續微調，以符合會議策劃者的需求。我們也提到，我們把部分空間改造成可用的會議空間，而這項調整目前已經獲得非常、非常好的回饋。所以我們會持續微調並精煉長期要做的事情，但不會對我們的資本需求造成很大的壓力或大量消耗。

Duane Pfennigwerth, Evercore ISI.

Duane Pfennigwerth，Evercore ISI。

Just wanted to come back to the strong bookings growth for the first quarter. How much of that would you say was higher conversion of existing leads, effectively planners getting off of the sidelines, versus easy comps last year. And then maybe for my follow-up, could you speak to the underlying drivers of outperformance in Nashville?

我想回到第一季強勁的預訂成長。你們認為其中有多少是既有線索（leads）轉換率提高、也就是策劃者不再觀望而開始下單， versus 去年比較基期較容易？另外作為追問，你們能否談談 Nashville 表現超預期的基本驅動因素？

Yes, a couple of comments I would make. Number one, our first quarter is coming off of an extremely strong December, the strongest December that we've ever seen in terms of production. So the fact that we're seeing that continue through the first quarter and even into April, is a strong indicator that group is on an upward trajectory. We are really focused on acquisition business. It's probably about 30% of what we book into the hotels in any given quarter.

是的，我有幾點想說。第一，我們的第一季是承接一個極其強勁的 12 月——就產出（production）而言，那是我們史上最強的 12 月。因此，我們看到這股動能延續到第一季、甚至進入 4 月，這是一個強烈的指標，顯示團體業務正處於上升軌道。我們非常專注於開發新客（acquisition）業務。在任何一個季度，這大約占我們為飯店所預訂量的 30%。

So we're bringing in a lot of new business as well as the strong multiyear rotational business. So a little bit easier comp, but that comp is really easier when you compare it to second quarter of last year when the tariff announcements and everything like that have really started to materialize in cancellations. So I would say there's not necessarily an easy comp, just continued growth, both on the acquisition front as well as strengthening group dynamics.

因此，我們一方面帶來了大量新業務，同時也有強勁的多年期輪替業務。所以同比基期稍微容易一些，但這個「較容易」主要是相較於去年第二季，當時關稅公告等因素開始真正反映在取消訂單上。因此我會說未必存在所謂的容易同比，只是持續成長，無論是在併購帶來的增量，還是在強化團體業務動能方面。

Jay Kornreich, Cantor Fitzgerald.

Jay Kornreich，Cantor Fitzgerald。

You put a clear focus on investing and improving the portfolio with many ongoing CapEx opportunities. So I just wanted to ask about incremental portfolio CapEx opportunities you can do. You previously discussed potential for adding rooms at the Gaylord Rockies, I think the JW Hill Country as well. So I just want to see if there's an update on timing for any of these even similar projects.

你們明確聚焦於投資並改善投資組合，且有許多持續進行的資本支出（CapEx）機會。我想請教你們還有哪些可追加的投資組合CapEx機會可以做。你們先前提到可能在Gaylord Rockies增建客房，我記得JW Hill Country也有。所以我想了解這些或類似專案的時程是否有更新。

Yes. You already hit it right on the head. We are definitely interested in expanding Gaylord Rockies and we're working through some opportunities at the local level there before we can proceed with that, but are excited to be able to add to that property at some point in the near future. Hill Country is definitely something we're studying and looking at and working to continue to refine that property, but there's definitely an expansion opportunity there.

是的。你已經說到重點了。我們確實有興趣擴建Gaylord Rockies，目前在當地層面正就一些機會進行推進，待條件成熟後才能繼續，但我們很期待在不久的將來能在某個時間點為該物業增加規模。Hill Country也確實是我們正在研究與評估的項目，並持續努力精進該物業，但那裡確實存在擴建機會。

And then I would tell you that we're continuing to look at Gaylord Texan as a potential expansion opportunity. Beyond that, we have multiple opportunities to make marginal tweaks, whether it's repositioning food and beverage or adding a little bit of space here and there. But we have a target-rich environment for additional expansion and investment opportunities across the portfolio.

另外我也想說，我們持續把Gaylord Texan視為潛在的擴建機會。除此之外，我們還有多個機會做一些邊際性的微調，例如重新定位餐飲（F&B）或在這裡那裡增加一點空間。但整體而言，我們的投資組合在額外擴建與投資機會方面，是一個目標非常多的環境。

Stephen Grambling, Morgan Stanley.

Stephen Grambling，Morgan Stanley。

I think you talked to confidence in hitting the 2027 targets you had laid out in 2024. As we're about the midpoint here and look back at some of the drivers of that outlook, what are some of the biggest surprises, both maybe positive and negative to consider in each segment? And any reason to believe that those growth rates have evolved relative to the one you actually had outlined them.

我想你們談到對於達成2024年所提出的2027年目標很有信心。現在大約走到中段，回頭看當時展望的一些驅動因素，各業務板塊有哪些最大的意外（正面與負面）值得考量？以及是否有任何理由認為，這些成長率相較於你們當初所勾勒的情境已經有所演變？

Relative to the assumptions that we made when we put that together in 2024, probably the biggest difference between our performance and what we planned is really the acquisition of Desert Ridge and the expansion of the Rockies. While we’re still working through that expansion. And I think we're getting very close to actualizing it. We had assumed that it would be completed prior to 2027. It was in that 2027 number.

相較於我們在2024年制定該計畫時的假設，我們實際表現與原先規劃最大的差異，主要在於收購Desert Ridge以及Rockies的擴建。雖然我們仍在推進該擴建。我認為我們已非常接近把它落地實現。我們原本假設它會在2027年前完工。它已納入那個2027年的數字之中。

I think that as we look at how our same-store business has performed, it's performed frankly admirably relative to our expectations, particularly as you look at how the corporate customer has responded to the activities and the capital that we've deployed that we talked about a little bit earlier.

我認為，從同店業務的表現來看，坦白說相較於我們的預期表現得相當出色，特別是當你看到企業客戶對我們先前稍早提到、已投入的各項活動與資本支出的回應。

You see the rate growth that we've actualized as well as the rate growth that's on the books and the level of bookings that we're achieving, it really all flows back to that focus on that corporate customer. And frankly, I think it surprised us a little bit to the upside.

你看到我們已實現的房價成長、以及已在帳上的房價成長，還有我們達成的預訂量水準，這一切都回到我們對企業客戶的聚焦。坦白說，這在正面方向上也讓我們有些驚喜。

Entertainment, Mark, is tracking pretty much as we thought back in --

娛樂業務方面，Mark，目前的走勢大致符合我們當時在--

Yes. And I think entertainment actually we have more growth in the pipeline than I think we've laid out.

是的。而且我認為娛樂業務實際上在管線中的成長比我們所提出的還要更多。

Michael Herring, Green Street.

Michael Herring，Green Street。

With the change in your group booking strategy, can you quantify the target mix shift in terms of corporate group relative to association and SMERF relative to historic levels? And then how are you thinking about the risk profile of your forward bookings from targeting more of these corporate groups given the shorter booking windows that you mentioned earlier?

隨著你們團體訂房策略的改變，你們能否量化目標組合的轉移幅度：企業團體相對於協會與SMERF，相較於歷史水準會如何變化？另外，鑑於你們先前提到企業團體的訂房窗口較短，當你們鎖定更多這類企業團體時，你們如何看待遠期預訂的風險輪廓？

Yes. I think it's important for everyone to realize that what we're talking about is we're talking about a few points of occupancy here. We're refining and turning the dial where we might settle in where we're 3, 4, 5 points higher in terms of corporate versus association and SMERF and it's really about raising the level of customer, not only in the corporate business, but also in SMERF and association. All groups are not created equal. And so it's really about moving up the rate scale and driving premium customers across all 3 of those.

是的。我認為重要的是讓大家了解，我們談的是入住率上的幾個百分點。我們是在微調、轉動刻度盤，可能會落在企業占比相對於協會與SMERF高出3、4、5個百分點左右；而核心在於提升客戶層級，不僅是企業業務，也包括SMERF與協會。並非所有團體都一樣。因此重點是把房價帶往更高的區間，並在這三類客群中推動高端客戶。

So this is not I don't think it's going to create a significant amount of incremental volatility, right? In our performance. The other thing I would say is that these are contracted room nights. And if you look back historically to say the '09 recession, where we had a high level of cancellations, we also had a high level of collection fees. -- which obviously helps mitigate the lost profitability. So we feel very comfortable in making this shift and driving yield and not materially changing the volatility of our earnings.

所以我不認為這會帶來顯著的額外波動，對吧？在我們的業績表現上。另外我想說的是，這些都是簽約的間夜數。如果你回頭看歷史，例如2009年衰退時期，我們雖然有很高的取消量，但同時也有很高的取消費收取額——這顯然有助於緩解獲利流失。因此我們對於進行這項轉移、提升收益率，同時不會實質改變獲利波動性，感到非常有信心。

And just to accentuate your point, collections of cancellation fees on corporate are usually easier to collect than they are with association and SMERF because it doesn't create a financial risk or danger for the overall organization, corporate pays pretty quickly and with very little negotiation.

再補充強調你的觀點，企業客戶的取消費通常比協會與SMERF更容易收取，因為這不會對整體組織造成財務風險或危機；企業通常付款很快，而且幾乎不需要太多協商。

Do we have any more folks in the queue? Or is that it?

隊列裡還有其他人嗎？還是就到這裡？

We have no additional questions at this time.

目前沒有其他問題。

Okay. Well, we will thank everyone for the participation this morning and upward and onward. Thank you very much. And Angela, thank you.

好的。那麼我們感謝各位今天上午的參與，繼續向上、繼續前進。非常感謝。也謝謝你，Angela。

This brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect.

今天的會議到此結束。感謝各位撥冗與會。您現在可以斷線。